The Middle East is emerging as the world’s biggest project finance market, as an estimated $700bn worth of energy, infrastructure and real estate ventures chase funding.

Middle East sponsors raised $33bn in the first half of 2006, according to HSBC – up from $24bn in the whole of last year and just $7bn as recently as 2001. Regional energy companies are investing heavily to increase their capacity – ranging from upstream oil and gas production to petrochemicals and electricity generation.